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boehner? two top-tier negotiators give their insight into how the meeting could unfold. >>> and trading places. charles schwab ceo talks exclues i havely to maria about the current crisis of confidence in the stock market. could a deal on the looming fiscal cliff be just the shot in the arm sagging equities need? that and a whole lot more is ahead on the "closing bell." >>> all right. we want to show you a live picture of the white house. we are waiting for the ceos to start tricking out of the white house. they are in a meeting right now with president obama talking about the fiscal cliff, talking about ways to get the deficit and debt situation in this country in order. as soon as those ceos start coming out, they include the ceo of honeywell, ibm, a number of ceos in industrial businesses. of course, the only financial services representation there is american express. no other bank was invited to this meeting. as soon as these guys and gals start walking out, we'll bring you some interviews with them. president obama held a press conference meanwhile today on everything from the fis
with boehner next year. talk to us about how your plan works. >> the interesting thing is if you look at the amount of income tax paid, it's about $1.3 trillion. 1. 1 from individuals, 200 billion from corporations. people always ask how can our marginal rates be so nominally high and net so little money. the reason is we have $1.1 trillion of back door spending in the tax code. that's for deductions for credits. what we said is, look, let's wipe out all of those. let's broaden the base, simplify the code. let's use 92% of that money that we're using from getting rid of the tax expenditures to reduce income tax rates and 8% of the money or about $100 billion a year, to reduce the deficit. $800 billion a year over ten years is where our $1 trillion of our $4 trillion comes from in our deficit reduction plan. >> and what rate are you going change? 8%, you know, 0 to 70 grand. 14 over that. take the corporate rate to 36. if you can't do that, you can't tax your way out of this. you can't cut spending your way out of this. you can't grow your way out of this. so grab hold. it's going to b
taxes to increase. that's why john boehner has such a large majority of republicans in the house of representatives almost probably more americans voted for republican members of the house of representatives than for president obama. he does not have a mandate to raise taxes. >> jared? >> if we postpone it -- go ahead, jared. >> no, please. go ahead. >> if we postpone the tax hikes and the spending cuts for a year, it'll give congress a chance to do some fundamental tax reform that will not hurt the economy, that will bring in more revenues that will make everything more efficient. >> jared, what do you think? does going over the cliff make everyone work harder to get a deal done? >> i think it probably would, but it isn't by any stretch of the imagination an optimal way to go. we should obviously try to solve this before going over. i will say i have a different view, of course, with the election outcomes, including some of the polling results than dia diana. i think a majority of folks in the exit polls said they were perfectly comfortable with the expiration of the upper incom
the campaign. you have to listen closely to the words used by the principle negotiators. first was john boehner today, who with drew a line not against additional tax revenue but only against the idea of raising top rates. >> listen, the problem with raising tax rates on the wealthiest americans is that more than half of them are small business owners. we know 700 no,000 jobs would b destroyed. we also know it would slow down our economy. >> and by the same token, president obama came out in the east room, and the line he drew was not in favor of higher -- insisting on higher tax rates, it's that we need more tax revenue from people at the top. >> i'm not whetted to every detail of my plan. i'm open to compromise. i'm open to new ideas. i'm committed to solving our fiscal challenges. but i refuse to accept any approach that isn't balanced. >> so the keyword for the president is balanced. but more than one way to get there. maria, just before i came on air, got a statement from the bipartisan policy center in washington, which has been urging the two sides to come together on a simpson-bowles ty
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